e.l.f. Beauty (NYSE: ELF) Reports Record-Breaking Fiscal Year with 77% Net Sales Growth

2 min read | May 24, 2024 08:06 AM AEST | By Team Kalkine Media

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e.l.f. Beauty (NYSE: ELF) Reports Record-Breaking Fiscal Year with 77% Net Sales Growth — Image source: © Catzovescu | Megapixl.com

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e.l.f. Beauty (NYSE: ELF) has released its financial results for the fourth quarter and fiscal year ending March 31, 2024. The company reported exceptional growth, marking a record year for net sales.

Fiscal Year 2024 Highlights

e.l.f. Beauty’s Chairman and CEO, Tarang Amin, expressed pride in the company's outstanding performance. "Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered."

Full Year Fiscal 2024 Performance:

- Net Sales: Increased by 77% to $1,023.9 million, driven by strong performance across retail and e-commerce channels.

- Gross Margin: Improved by approximately 330 basis points to 71%, benefiting from favorable foreign exchange impacts, cost savings, improved transportation costs, inventory adjustments, and international price increases. This was slightly offset by costs related to retailer activities.

- SG&A Expenses: Rose by $252.2 million to $574.4 million, representing 56% of net sales. Adjusted SG&A was $526.4 million, or 51% of net sales. The increase was primarily due to higher marketing and digital spend, compensation and benefits, operational costs, retail fixturing, visual merchandising costs, depreciation, amortization, and professional fees.

- Net Income: Achieved $127.7 million on a GAAP basis. Adjusted net income was $183.8 million.

- Earnings Per Share: GAAP diluted earnings per share were $2.21.

- Adjusted EBITDA: Reached $234.7 million, or 23% of net sales, reflecting a 101% increase year over year.

Q4 Fiscal 2024 Performance

During the fourth quarter, e.l.f. Beauty reported:

- Net Sales Growth: A remarkable 71%, continuing its trend of strong performance.

- Market Share Expansion: Increased by 325 basis points.

Amin highlighted the company's potential for future growth: "As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skin care, and international markets."

Fiscal 2025 Outlook

e.l.f. Beauty is optimistic about the upcoming fiscal year, projecting a net sales increase of 20-22% compared to fiscal 2024.

e.l.f. Beauty’s record-breaking performance in fiscal 2024 underscores its strong market position and ability to deliver consistent growth. With a robust outlook for fiscal 2025, the company is poised to continue its upward trajectory, expanding its footprint in cosmetics, skincare, and international markets. The strategic investments in marketing, digital initiatives, and operational enhancements are expected to sustain and accelerate this momentum.

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